All Events - FSClub

Smarter Ledgers - How BAFT Is Changing Payment Commitments, How DLT Payment Commitments Will Change Trade
Webinar - UK, USA & Switzerland

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The paper-based process of international trade and trade finance, along with many other commercial transactions, is staff intensive, cumbersome, susceptible to fraud, and costly. Widespread efforts to convert paper documentation into digital form to address these issues have had to contend with both technological and legal barriers. In an effort that culminated last year, the Bankers Association for Finance and Trade (BAFT) saw an opportunity to significantly “leapfrog” forward the digitisation of trade finance with the emergence of blockchain/distributed ledger technology (“DLT”). Recognising that all trade transactions involve payment commitments, a BAFT Working Group produced standardized rules for the transformation of a payment commitment into a digital asset to be used in any trade finance solution sitting on any DLT platform. It published open-sourced business and technical standards for a Distributed Ledger Payment Commitment (“DLPC”), a simple legally binding, enforceable, interoperable, and negotiable financial instrument in digital form. These standards have been used in international trade transactions by Skuchain, a Silicon Valley fintech and, coincidentally, are mirrored in eNotes™ created by Swiss fintech, FQX AG, that are being used in trade finance and a myriad of capital markets transactions. Scott will highlight the main characteristics and benefits of the DLPC, and its potential for growing use as law reform globally is spurring digitalisation, and Sriram and Philipp will illustrate the practical uses of DLPC and eNotes™.

Speakers:

Scott Stevenson is Senior Vice President of #Trade at the Bankers Association for Finance and Trade (BAFT), Scott has responsibility for leading the association’s trade-focused policy, practices, and education initiatives, and provide support its trade-related councils and committees. Before joining BAFT, Scott was the Senior Global Manger, Trade and Supply Chain Solutions at the International Finance Corporation (IFC) the private sector arm of the World Bank Group. He joined the World Bank in Jakarta, Indonesia as a member the Corporate Restructuring and Governance Group that was formed in response to the 1997 Asia Financial Crisis. Prior to the World Bank Group, Scott was with Standard Chartered Bank, where his last position was based in Singapore and he served as the Asia Regional Head for Financial Institutions. Scott has a BA in Economics from Colgate University, and an MBA in International Finance from York University, Toronto, Canada.

Sriram Srinivasan is a passionate entrepreneur looking to bring efficiencies into the Supply Chain. He is the Founder & CEO of Skuchain. He has previously built a company selling risk management solutions to wall street firms, founded an ecommerce startup during the dot-com heyday and played Entrepreneur-In-Residence with a small silicon valley fund. He has been a qualified Captain of ocean going merchant ships, enjoys hackathons and has done the Executive Program at Stanford GSB.

Dr Philipp von Randow is a co-founder of FQX. He currently serves at FQX as advisor on matters of legal strategy. Philipp is also a Retired Partner of Latham & Watkins LLP, a global law firm providing high-end legal advice in complex business transactions. He was co-founder of and resident in the firm's Frankfurt office. Later he was chair of the firm’s Middle East Finance Department and resident in the firm's Middle East offices. Philipp has experience as a start-up-investor and entrepreneur, is a speaker at conferences and seminars on bonds, loan syndication and on the design of financial covenants. Furthermore, he has served as an advisor to the German Ministry of Justice on the modernization of bondholder law.

Chairman:

Patrick L Young is Executive Director of Valereum PLC (Aquis VLRM). Patrick has over 30 years experience in investing and has been working online since 1994. He wrote the first bestselling book about financial technology - "fintech" - "Capital Market Revolution! - the future of markets in an online world" (Financial Times) in 1999 and most recently "Victory of Death - Blockchain, Cryptocurrency & The FinTech World" (2020 DV Books). He was chairman of the Blockchain Malta Association and edited the book "DLT Malta - Thoughts From the Blockchain Island" (2019, DV Books). A lifelong entrepreneur, Patrick also publishes the daily bulletin of the bourse business "Exchange Invest."

Date
Wednesday, 26 October 2022

Time
16:00 - 16:45 BST

Cost
Free